Commonwealth Consolidated Acts

FOREIGN ACQUISITIONS AND TAKEOVERS ACT 1975 - SECT 75

  (1)   This section applies if:

  (a)   the Treasurer receives a notice that a person proposes to take an action; and

  (b)   the Treasurer is satisfied that the action is covered by:

  (i)   subsections   40(2) and (3), and whichever of subsection   40(4) or (5) applies (meaning of significant action --entities); or

  (ii)   subsections   41(2) and (3) and subsection   41(4) (if it applies) (meaning of significant action --business); or

  (iii)   section   43 (meaning of significant action --land); or

  (iv)   regulations made for the purposes of section   44 (meaning of significant action --actions prescribed by the regulations), disregarding any conditions prescribed by the regulations in relation to a change in control.

Note 1:   See also sections   76 (content of no objection notification) and 77 (time limit on making orders and decisions) and Parts   5 (offences and civil penalties) and 6 (fees).

Note 2:   This section disregards whether there has been a change in control.

  (1A)   This section also applies if:

  (a)   the Treasurer receives a notice that a person proposes to take a notifiable national security action; or

  (b)   a person proposes to take:

  (i)   an action in respect of which the Treasurer has given a notice under subsection   66A(4); or

  (ii)   a reviewable national security action that the person notifies to the Treasurer.

Note:   See also sections   76 (content of no objection notification) and 77 (time limit on making orders and decisions).

  (2)   The Treasurer may:

  (a)   decide that the Commonwealth has no objection to the action; and

  (b)   notify the person, in writing (the no objection notification ), of the decision.

  (3)   The no objection notification:

  (a)   must be given before the end of 10 days after the decision is made; and

  (b)   may be given to the person at an address (including an electronic address) specified in the notice relating to the action as the address for service of notices relating to the action.

Statements in notices

  (4)   For the purposes of this section:

  (a)   a notice relating to an action stating that a person has a right (including a right under an option) to acquire interests in securities, assets or Australian land is taken to be a statement that the person proposes to acquire the interests in the securities, assets or land; and

  (b)   a notice relating to an action stating that a person proposes to acquire a right (including a right under an option) to acquire an interest in a security, asset or Australian land is taken to be a statement that the person proposes to exercise that right.

Effect of notifications on later actions

  (5)   A notification given under this section in relation to an action taken relating to an entity or business does not prevent the Treasurer from determining later whether there has been a change in control of the entity or business.